- The report introduces a quantitative model named "250-day new high distance" to monitor market trends and identify investment hotspots. The model is based on momentum and trend-following strategies, which have been proven effective in previous studies. It calculates the distance between the latest closing price and the highest closing price in the past 250 trading days using the formula: $ 250\text{-day new high distance} = 1 - \frac{\text{Close}_{t}}{\text{ts\_max}(\text{Close}, 250)} $ where $\text{Close}_{t}$ represents the latest closing price, and $\text{ts\_max}(\text{Close}, 250)$ is the maximum closing price over the past 250 trading days. If the latest closing price reaches a new high, the distance is 0; otherwise, it is a positive value indicating the degree of pullback [11][19][27] - The model is evaluated positively for its ability to track market trends and identify leading stocks that are consistently reaching new highs. It is inspired by methodologies from notable researchers and practitioners such as George (2004), William O'Neil, and Mark Minervini, who emphasize the importance of monitoring stocks near their 52-week highs [11][18][19] - The report also introduces a screening method for "stable new high stocks," focusing on stocks with smooth price paths and consistent momentum. The screening criteria include analyst attention (at least five buy or overweight ratings in the past three months), relative price strength (top 20% in 250-day returns), price path smoothness (measured by price displacement ratio), and trend continuation (average 250-day new high distance over the past 120 days and past five days). Stocks meeting these criteria are ranked, and the top 50% are selected [25][27][28] - The backtesting results show that 1080 stocks reached 250-day new highs in the past 20 trading days. Among them, the highest numbers are in the basic chemicals, machinery, and electric power equipment & new energy sectors. The highest proportions are in coal, steel, and non-ferrous metals sectors. Additionally, 39 stocks were identified as "stable new high stocks," with the majority belonging to cyclical and manufacturing sectors [19][20][28] - Key metrics for indices include the 250-day new high distance for major indices as of November 14, 2025: Shanghai Composite Index (0.97%), Shenzhen Component Index (3.71%), CSI 300 (2.52%), CSI 500 (4.15%), CSI 1000 (1.90%), CSI 2000 (0.66%), ChiNext Index (6.40%), and STAR 50 Index (11.56%) [12][13][32] - Key metrics for industries include the 250-day new high distance for sectors such as textiles & apparel (0.00%), light manufacturing (0.08%), comprehensive (0.06%), transportation (0.14%), and steel (0.36%) [13][15][32] - Key metrics for concepts include the 250-day new high distance for HJT batteries, home furnishings, forestry, equal-weight micro-cap stocks, energy storage, oil & gas, and lithium mining concepts, which are relatively close to their 250-day highs [15][17][32]

Group 1 - The report tracks stocks, industries, and sectors that are reaching new highs, indicating market trends and hotspots [1][4][26] - As of November 14, 2025, the distance to the 250-day new high for major indices is as follows: Shanghai Composite Index at 0.97%, Shenzhen Component Index at 3.71%, CSI 300 at 2.52%, and others [6][26] - Among the CITIC first-level industry indices, textiles and apparel, light industry manufacturing, comprehensive, transportation, and steel industries are closest to their 250-day new highs, while food and beverage, comprehensive finance, defense, automotive, and computer industries are further away [9][26] Group 2 - A total of 1,080 stocks reached a 250-day new high in the past 20 trading days, with the highest number in the basic chemical, machinery, and electric power equipment and new energy sectors [2][14][26] - The highest proportion of new high stocks is found in the coal, steel, and non-ferrous metal industries, with respective proportions of 50.00%, 39.62%, and 37.90% [14][26] - By sector distribution, the cyclical and manufacturing sectors had the most new high stocks, with 358 and 304 stocks respectively [17][26] Group 3 - The report identifies 39 stocks that have shown stable new highs, with the majority coming from the cyclical and manufacturing sectors, specifically in basic chemicals and machinery [19][22][27] - The selection criteria for stable new high stocks include analyst attention, relative strength of stock prices, price path smoothness, and continuity of new highs [21][27] - The report emphasizes the importance of tracking leading stocks that consistently reach new highs as indicators of market and industry trends [13][27]

证券之星消息，11月14日冶钢原料板块较上一交易日上涨2.48%，大中矿业领涨。当日上证指数报收于 3990.49，下跌0.97%。深证成指报收于13216.03，下跌1.93%。冶钢原料板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 001203 | 大中矿业 | 28.08 | 9.99% | 30.82万 | 8.42 Z | | 601969 | 一点题使 | 13.02 | 9.97% | 109.79万 | 13.76亿 | | 000655 | 等龄时,不 | 10.58 | 0.76% | - 17.84万 | 1.88 亿 | | 000629 | 钢钛股份 | 3.34 | 0.30% | 231.42万 | 7.75亿 | | 601121 | 宝地矿业 | 7.89 | 0.13% | 26.53万 | 2.10亿 | | 000923 | 河钢资源 | 18.72 | -1.32% | 10.09万 | 1.90 Z | | 600295 | 鄂尔 ...

（责任编辑：康博） 中国经济网北京11月14日讯 大中矿业(SZ:001203)今日股价涨停，截至收盘报28.08元，涨幅 9.99%，总市值423.45亿元。该股此前1个交易日涨停。 ...

Group 1 - The stock price of Dazhong Mining increased by 6.78%, reaching 27.26 CNY per share, marking a new all-time high [1] - The total market capitalization of the company surpassed 41.108 billion CNY [1] - The trading volume reached 100 million CNY [1]

Core Points - Dazhong Mining's stock price reached a historical high, increasing by 9.99% to 28.08 yuan, with a trading volume of 27.08 million shares and a transaction value of 737 million yuan [1] - The company's latest A-share market capitalization is 42.345 billion yuan, with a circulating market value of 36.231 billion yuan [1] - The steel industry, to which Dazhong Mining belongs, has an overall increase of 0.63%, with 30 stocks rising and 8 stocks falling [1] Company Performance - For the first three quarters, Dazhong Mining reported a total operating income of 3.025 billion yuan, representing a year-on-year growth of 1.60% [1] - The net profit for the same period was 594 million yuan, showing a year-on-year decline of 10.28% [1] - The basic earnings per share were 0.3900 yuan, and the weighted average return on net assets was 9.08% [1] Industry Context - Among the steel industry stocks, Dazhong Mining had the highest increase at 9.99%, followed by Youfa Group and Sangang Min Guang with increases of 1.82% and 1.46%, respectively [1] - The stocks that experienced declines included Changbao Co., Guangdong Mingzhu, and Hangang Co., with decreases of 2.58%, 1.34%, and 0.97%, respectively [1]

Group 1 - The company held its 20th meeting of the 6th Board of Directors on November 13, 2025, with all 7 directors present, complying with relevant laws and regulations [2] - The Board approved the proposal not to redeem the "Dazhong Convertible Bonds" early, with a unanimous vote of 7 in favor [3] - The company will not exercise the early redemption rights for the "Dazhong Convertible Bonds" for three months from November 14, 2025, to February 13, 2026, even if the redemption conditions are triggered [12] Group 2 - The controlling shareholder, Zhongxing Group, released 65 million shares from a pledge due to a significant increase in the company's stock price since June 2025 [4][5] - As of the end of Q3 2025, the total share capital of the company was 1,508,023,074 shares, with 27.27% of shares pledged by the controlling shareholder and its concerted parties [5] - The stock price has been above 130% of the current conversion price of the "Dazhong Convertible Bonds" for 15 trading days, triggering the conditional redemption clause [12] Group 3 - The "Dazhong Convertible Bonds" were issued on August 17, 2022, with a total amount of RMB 152 million and an initial conversion price of RMB 11.36 per share [7] - The conversion price has been adjusted multiple times, with the latest adjustment bringing it down to RMB 10.76 per share effective June 26, 2025 [10] - The company will reassess the decision on early redemption if the bonds trigger the redemption clause again after February 13, 2026 [12]

Core Viewpoint - The company has decided not to exercise the early redemption rights of the "Dazhong Convertible Bonds" and will not do so for the next three months, indicating a strategic decision to maintain its current financial position [1] Group 1 - The sixth board meeting of the company will be held on November 13, 2025, to discuss the status of the "Dazhong Convertible Bonds" [1] - The company will not exercise the early redemption rights during the period from November 14, 2025, to February 13, 2026, even if the conditional redemption clauses are triggered [1] - A decision regarding the early redemption rights will be made at a future board meeting if the "Dazhong Convertible Bonds" trigger the conditional redemption clauses after February 13, 2026 [1]

Core Viewpoint - The announcement from Dazhong Mining indicates that its controlling shareholder, Zhongxing Group, has pledged 150 million shares for the issuance of exchangeable bonds, but has recently unpledged 65 million shares due to the company's strong stock performance since June [1] Group 1 - Dazhong Mining's controlling shareholder, Zhongxing Group, pledged 150 million shares of the company for bond issuance needs in June 2025 [1] - The company's stock has shown significant improvement, with a notable increase since June [1] - As a result of the positive stock performance, Zhongxing Group has unpledged 65 million shares [1]

| 证券代码：001203 | 证券简称：大中矿业 | 公告编号：2025-126 | | --- | --- | --- | | 债券代码：127070 | 债券简称：大中转债 | | 大中矿业股份有限公司 关于控股股东部分股份解除质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 | 众兴 集团 | 699,787,182 | 46.40% | 223,660,000 | 31.96% | 14.83% | 0 | 0 | 0 | 0 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 林来嵘 | 203,083,995 | 13.47% | 19,330,000 | 9.52% | 1.28% | 0 | 0 | 0 | 0 | | 安素梅 | 18,890,600 | 1.25% | 0 | 0 | 0 | 0 | 0 | 0 | 0 | | 安凤梅 | 3,400,000 | 0.23% | 0 | 0 | 0 | 0 | 0 | 0 | 0 | | 林圃生 | ...